close-ended fund
Investors buying and selling closed-end funds must open a Shenzhen-Shanghai securities account or a Shenzhen-Shanghai fund account and a capital account, which is rather troublesome to operate. Since closed-end funds are no longer the mainstream of the market and have no obvious advantages, Senior Brother will not introduce them in detail.
open-ended fund
How to judge whether you buy or sell a regular fund? First of all, we can see whether the channels for trading funds are formal. Common open-end fund sales channels are as follows:
Fund company direct sales:
Investors directly buy a fund company such as Harvest, Huaxia, Yifangda and Xingquan Fund in official website.
Bank consignment:
The bank's financial advisor sells fund financial products to customers, or users buy them themselves on the bank's mobile phone client.
Securities/insurance companies sell on a commission basis: Securities companies will not only help you open an account for stock trading, but also occasionally teach you to play with funds. You can buy stocks and funds on the mobile clients of various securities companies.
Independent third-party sales companies: such as Tian Tian Fund Network and its APP of Shanghai Tian Tian Fund Sales Co., Ltd., Ant Wealth APP of Ant (Hangzhou) Fund Sales Co., Ltd. and Egg Roll Fund APP of Beijing Egg Roll Fund Sales Co., Ltd.
Emerging Internet financial channels: represented by Tencent Wealth Management. Tencent's wealth management has no fund agency license, and can only provide customer resources for fund companies in the form of cooperation, providing an entrance for users to place orders.
(2) How to buy
Buy directly from mobile banking client, mobile securities client, Ant Wealth, WeChat Finance, Egg Roll Fund APP and Tian Tian Fund APP.
(3) the transaction process
Buy: submit on T day →T+ 1 day to determine the share and start calculating the income →T+2 day to inquire about T+ 1 day income.
Sell: T →T+ 1 Submit for sale, and confirm the receipt of share funds.
Different products and different channels will have different regulations, depending on the trading rules of the buying channel. Take the Ant Wealth Platform as an example. After the fund is sold, the arrival time of the fund is the next day:
The cost of completing the transaction includes:
The subscription fee usually refers to the handling fee spent when "buying" a certain number of fund shares (money funds do not need it), and shall not exceed 5% of the subscription amount.
Redemption fee usually refers to the handling fee spent when "selling" a certain number of fund shares (money funds do not need it), which shall not exceed 5% of the subscription amount.
The sales service fee for transaction commission shall not be higher than 0.3% of the transaction amount, and it is mostly in 0 yuan now.
○ For specific rates, please refer to the description of fund files.
In addition, the cost of the whole holding process includes:
Management fee: it can be understood as a little "hardship fee" charged by fund companies to help investors invest (it has been deducted when calculating the net value of funds, so it does not need to be calculated in every transaction).
Custody fee: the fee charged by the bank for fund custody (it has been deducted when calculating the net value of funds and does not need to be calculated in every transaction).
○ For specific rates, please refer to the description of fund files.
(4) Common formulas
Revenue = redemption amount-subscription amount
Net subscription amount = subscription amount/1+ subscription rate
Subscription fee = subscription amount-net subscription amount
Subscription share = net subscription amount on T day/net fund share.
Redemption amount = total redemption amount-redemption fee-transaction commission
Total redemption amount = redemption amount (holding share) × net value of fund share on T day.
Redemption fee = total redemption amount × redemption rate
Calculation example:
At noon on August 23rd, 20 19, at 13:00, Zhang San bought the fund Guangfa Steady Growth Mix (270002) at Ant Fortune for 10000 yuan, and sold it on August 27th. The whole process is as follows:
I bought it on August 23rd.
On August 24th, the share was determined by the 23rd net value 1. 18 13.
Net subscription amount = subscription amount/1+ subscription rate =10000/1+0.15% = 9985.02 yuan.
Subscription share = net subscription amount /T-day fund share net value = 9985.02/1.1813 = 8452.57 (copies)
Subscription fee = subscription amount-net subscription amount =10000-9985.02 =14.98 (yuan)
On August 25th, you can check the income generated on the 24th.
Submitted for sale on August 27th.
On August 28th, the selling share was confirmed and the funds were received.
Total redemption amount = redemption amount (holding share) × net value of fund share on t day = 8452.57×1.2000 =10143.08 (yuan)
(Zhang San only made a transaction, so the holding share is the initial subscription share; At the time of redemption, the net fund value on the 27th day of T is 1.2000).
Redemption fee = total redemption amount × redemption rate =10143.08×1.5% =152.15 (Yuan)
Redemption amount = total redemption amount-redemption fee-transaction commission =10143.08-152.15-0 = 9990.93 yuan.
Total transaction cost = subscription fee+redemption fee =14.98+152.15 =167.12 (yuan), accounting for 1.67%, that is.
Income = redemption amount-subscription amount =9990.93- 10000= -9.07 (RMB)
On August 28, when the funds arrived, Zhang San was dismayed to find that the increase was not enough to deduct the handling fee, and he lost 9.07 yuan in the whole process.
Personal suggestion: for those small white investors who buy and sell casually with a playful attitude, the transaction cost of each transaction reaches nearly 2% at the highest, and you should avoid playing in day trading. It is estimated that the handling fee 1 year after several rounds is hard to earn back!